The latest grab bag of US economic indicators suggests that the
Yet, inflation-adjusted retail sales flattened out during April and May. The three-month average of these sales through May fell 2.1% over the past three months, on a seasonally adjusted annual rate basis. That suggests that real consumer spending on goods could be a big drag on real GDP growth during the second quarter. Part of the problem is the shortage of Japanese cars and car parts, which should be resolved later this summer, setting the stage for a rebound in consumer spending on cars.